Bitcoin Price Holds at $61K as US Jobless Claims Soar

Bitcoin (BTC) did not manage to maintain its rebound when Wall Street opened on May 9, despite positive macro data favoring risk assets. BTC briefly surged to $61,750 after the release of better-than-expected U.S. jobless claims data, but this increase was short-lived. The Federal Reserve’s concerns about the labor market had suggested possible interest rate cuts, but BTC/USD dropped below $61,000 at the time of writing.

According to well-known trader Daan Crypto Trades, there were significant buy orders between $59,000 and $60,000, indicating that this price range is important, but it remains to be seen if the market will seek liquidity at this level. had previously reported on simultaneous liquidity being taken above and below the spot price while BTC/USD remained within a tight trading range. In its latest update, QCP Capital, a trading firm, predicted that this behavior would continue, emphasizing the anticipation of two interest rate cuts this year and the decrease in BTC spot ETF flows.

Despite these observations, popular trader Titan of Crypto offered a more optimistic view. He set a potential upside target of $75,000 for the end of the consolidation period, showcasing an inverse head and shoulders pattern on his chart. He stated that the worst-case scenario would be a drop to the bottom line of a descending broadening wedge, with limited downside beyond $55,000. Titan of Crypto also expressed his expectation that Bitcoin would reach a six-figure price for the first time, noting that patience and time were necessary from market participants. Another trader also warned of possible manipulation at the $61,500 level.

Bitcoin’s attempt to sustain its rebound failed despite positive economic data. The market is currently experiencing a consolidation phase, and traders have varying opinions on future price movements. Some are optimistic about BTC reaching $75,000 and eventually hitting six figures, while others are cautious and warn of possible price manipulation. The future of Bitcoin remains uncertain.